GIFT Nifty up 34 point: Asian markets, crude oil prices, dollar movement & more
Nifty futures on the NSE International Exchange traded 34 points, or 0.17 per cent, lower at 19,864.00, hinting at a positive start for the domestic market on Wednesday.
- Nov 22, 2023,
- Updated Nov 22, 2023 8:32 AM IST
Domestic benchmark indices are likely to open higher on Wednesday, amid the mixed global cues. Asian stocks dropped in the early hours, while the US snapped the five day winning streak and settled lower in the overnight trade. However, easing the US dollar is positive for emerging markets. Back home, four IPOs- namely Tata Technologies, Flair Writing Industries, Gandhar Oil Refineries and Fedbank Financial Services- will open for bidding today. Here's what you should know before the opening bell: Nifty outlook Nagaraj Shetti, Technical Research Analyst at HDFC Securities said that Nifty continued with up move with range bound action. It formed a small positive candle on the daily chart with upper shadow and with gap up opening. The formation of frequent upper shadows on the daily candles near 19,850-19,875 levels indicates presence of strong overhead resistance. 'The short-term trend of Nifty continues to be range bound. The present consolidation pattern could eventually result in a decisive upside breakout of the hurdle at 19,900 levels from here or from slightly lower levels. The anticipated upside breakout could pull Nifty towards the new all-time highs. Immediate support is at 19,650 levels," he said. Nifty Bank outlook Jatin Gedia, Technical Research Analyst at Sharekhan said that Nifty Bank witnessed a dip however, it was bought indicating buying interest at lower levels on an intraday basis. "We expect the pullback to continue till 44,000–44,050 from a short term perspective. Structure becomes weak below 43,400," he said. GIFT Nifty signals a positive start Nifty futures on the NSE International Exchange traded 34 points, or 0.17 per cent, lower at 19,864.00, hinting at a positive start for the domestic market on Wednesday. Asian stocks fall at open Asain shares dropped on Wednesday after the rally in US stocks took a breather as investors mostly shrugged off minutes from the Federal Reserve's latest meeting. Asian stocks backed away from two-and-a-half-month high on Wednesday. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.37 per cent. Japan's Nikkei gained 0.57per cent; Australia's ASX 200 shed 0.10 per cent; New Zealand's DJ declined 0.53 per cent; China's Shanghai fell 0.22 per cent; Hong Kong's Hang Seng added 0.02 per cent; South Korea's Kospi tanked 0.54 per cent. Oil prices little changed Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of US crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures rose 11 cents, or 0.1 per cent, to $82.56 a barrel by 0004 GMT. US West Texas Intermediate crude futures rose 14 cents, or 0.2 per cent, to $77.91. Dollar hovers near multi-month lows The dollar index held around two-and-a-half-month lows after minutes of the Federal Reserve's last meeting did little to dislodge market expectations that its monetary tightening cycle was over. The dollar index was flat at 103.58. Sterling was mostly flat at $1.2534. Sterling was mostly flat at $1.253. The Japanese yen advanced around 0.1 per cent versus the greenback to 148.28. Wall Street settled higher US stocks dipped on Tuesday and gold touched a two-week high while minutes from the Federal Reserve's most recent meeting showed the central bank is 'in a position to proceed carefully'. All three major US stock indexes ended slightly lower. The Dow Jones Industrial Average fell 62.75 points, or 0.18 per cent, to 35,088.29, the S&P 500 lost 9.19 points, or 0.20 per cent, to 4,538.19 and the Nasdaq Composite dropped 84.55 points, or 0.59 per cent, to 14,199.98. Tata Tech IPO opens today The initial public offering (IPO) of Tata Technologies will kick-off for subscription on Wednesday, November 22 and can be subscribed till Friday, November 24. The Tata Motors promoted entity will raise a total of Rs 3,042.51 crore by selling its shares in the range of Rs 475-500 apiece with a lot size of 30 equity shares. Fiair Writing IPO opens today The initial public offering (IPO) of Tata Technologies will kick-off for subscription on Wednesday, November 22. The stationary products maker is looking to raise a total of Rs 593 crore by selling its shares in the range of Rs 288-304 per shares with a lot size of 49 equity shares. The issue can be subscribed till Friday, November 24. Fedbank Financial Services IPO opens today The initial public offering (IPO) of Fedbank Financial Services will kick-off for subscription on Wednesday, November 22 and can be subscribed till Friday, November 24. The Federal Bank promoted entity will raise a total of Rs 1,092 crore by selling its shares in the range of Rs 133-140 apiece with a lot size of 107 equity shares. Fiair Writing IPO opens today The initial public offering (IPO) of Tata Technologies will kick-off for subscription on Wednesday, November 22. The white-oil maker is looking to raise a total of Rs 500.69 crore by selling its shares in the range of Rs 160-169 per share with a lot size of 88 equity shares. The issue can be subscribed till Friday, November 24. Stocks in F&O ban 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, November 22. The list includes names like Bharat Heavy Electricals (BHEL), Indiabulls Housing Finance, NMDC, Chambal Fertilisers and Chemicals, India Cements, Manappuram Finance, Delta Corp, RBL Bank, Hindustan Copper, MCX india and Zee Entertainment India. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment. FPIs sell shares worth Rs 456 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 455.59 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 721.52 crore. Rupee rises 10 paise lower against US dollar The rupee recovered from it's all-time low to settle 10 paise higher at 83.28 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee traded in a narrow range as dollar demand from oil marketing companies and sustained foreign fund outflows weighed on investor sentiments. Note: With inputs from PTI, Reuters and other agencies
Also read: Jio Financial shares in news as NBFC calls bond issue news speculative
Domestic benchmark indices are likely to open higher on Wednesday, amid the mixed global cues. Asian stocks dropped in the early hours, while the US snapped the five day winning streak and settled lower in the overnight trade. However, easing the US dollar is positive for emerging markets. Back home, four IPOs- namely Tata Technologies, Flair Writing Industries, Gandhar Oil Refineries and Fedbank Financial Services- will open for bidding today. Here's what you should know before the opening bell: Nifty outlook Nagaraj Shetti, Technical Research Analyst at HDFC Securities said that Nifty continued with up move with range bound action. It formed a small positive candle on the daily chart with upper shadow and with gap up opening. The formation of frequent upper shadows on the daily candles near 19,850-19,875 levels indicates presence of strong overhead resistance. 'The short-term trend of Nifty continues to be range bound. The present consolidation pattern could eventually result in a decisive upside breakout of the hurdle at 19,900 levels from here or from slightly lower levels. The anticipated upside breakout could pull Nifty towards the new all-time highs. Immediate support is at 19,650 levels," he said. Nifty Bank outlook Jatin Gedia, Technical Research Analyst at Sharekhan said that Nifty Bank witnessed a dip however, it was bought indicating buying interest at lower levels on an intraday basis. "We expect the pullback to continue till 44,000–44,050 from a short term perspective. Structure becomes weak below 43,400," he said. GIFT Nifty signals a positive start Nifty futures on the NSE International Exchange traded 34 points, or 0.17 per cent, lower at 19,864.00, hinting at a positive start for the domestic market on Wednesday. Asian stocks fall at open Asain shares dropped on Wednesday after the rally in US stocks took a breather as investors mostly shrugged off minutes from the Federal Reserve's latest meeting. Asian stocks backed away from two-and-a-half-month high on Wednesday. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.37 per cent. Japan's Nikkei gained 0.57per cent; Australia's ASX 200 shed 0.10 per cent; New Zealand's DJ declined 0.53 per cent; China's Shanghai fell 0.22 per cent; Hong Kong's Hang Seng added 0.02 per cent; South Korea's Kospi tanked 0.54 per cent. Oil prices little changed Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of US crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures rose 11 cents, or 0.1 per cent, to $82.56 a barrel by 0004 GMT. US West Texas Intermediate crude futures rose 14 cents, or 0.2 per cent, to $77.91. Dollar hovers near multi-month lows The dollar index held around two-and-a-half-month lows after minutes of the Federal Reserve's last meeting did little to dislodge market expectations that its monetary tightening cycle was over. The dollar index was flat at 103.58. Sterling was mostly flat at $1.2534. Sterling was mostly flat at $1.253. The Japanese yen advanced around 0.1 per cent versus the greenback to 148.28. Wall Street settled higher US stocks dipped on Tuesday and gold touched a two-week high while minutes from the Federal Reserve's most recent meeting showed the central bank is 'in a position to proceed carefully'. All three major US stock indexes ended slightly lower. The Dow Jones Industrial Average fell 62.75 points, or 0.18 per cent, to 35,088.29, the S&P 500 lost 9.19 points, or 0.20 per cent, to 4,538.19 and the Nasdaq Composite dropped 84.55 points, or 0.59 per cent, to 14,199.98. Tata Tech IPO opens today The initial public offering (IPO) of Tata Technologies will kick-off for subscription on Wednesday, November 22 and can be subscribed till Friday, November 24. The Tata Motors promoted entity will raise a total of Rs 3,042.51 crore by selling its shares in the range of Rs 475-500 apiece with a lot size of 30 equity shares. Fiair Writing IPO opens today The initial public offering (IPO) of Tata Technologies will kick-off for subscription on Wednesday, November 22. The stationary products maker is looking to raise a total of Rs 593 crore by selling its shares in the range of Rs 288-304 per shares with a lot size of 49 equity shares. The issue can be subscribed till Friday, November 24. Fedbank Financial Services IPO opens today The initial public offering (IPO) of Fedbank Financial Services will kick-off for subscription on Wednesday, November 22 and can be subscribed till Friday, November 24. The Federal Bank promoted entity will raise a total of Rs 1,092 crore by selling its shares in the range of Rs 133-140 apiece with a lot size of 107 equity shares. Fiair Writing IPO opens today The initial public offering (IPO) of Tata Technologies will kick-off for subscription on Wednesday, November 22. The white-oil maker is looking to raise a total of Rs 500.69 crore by selling its shares in the range of Rs 160-169 per share with a lot size of 88 equity shares. The issue can be subscribed till Friday, November 24. Stocks in F&O ban 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, November 22. The list includes names like Bharat Heavy Electricals (BHEL), Indiabulls Housing Finance, NMDC, Chambal Fertilisers and Chemicals, India Cements, Manappuram Finance, Delta Corp, RBL Bank, Hindustan Copper, MCX india and Zee Entertainment India. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment. FPIs sell shares worth Rs 456 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 455.59 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 721.52 crore. Rupee rises 10 paise lower against US dollar The rupee recovered from it's all-time low to settle 10 paise higher at 83.28 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee traded in a narrow range as dollar demand from oil marketing companies and sustained foreign fund outflows weighed on investor sentiments. Note: With inputs from PTI, Reuters and other agencies
Also read: Jio Financial shares in news as NBFC calls bond issue news speculative